The Colorado Springs State Bank, the last bank to do business with the Colorado marijuana industry, sent out a letter last week to its medical marijuana account holders requesting them to have their bank accounts closed by Sept. 30.

“There are unresolved issues with regulations, law enforcement and other agencies that need to get resolved before the industry can progress and become bankable,” said John Whitten, senior vice president of Colorado Springs State Bank.

The Colorado Springs State Bank is the lone Colorado branch of Herring Bank, which has 14 other branches in Texas and Oklahoma. Marijuana is illegal in those two states, so Whitten said federal regulations made it hard to continue offering services to dispensaries in Colorado.

“It was difficult to reconcile that difference,” Whitten said. “We tried, and it didn’t work.”

The bank was the last in Colorado publicly soliciting accounts from the medical marijuana industry, and Whitten said the bank handled “quite a few” accounts statewide, though he would only say the number was less than 500.

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